Navigating China’s economic malaise: Implications for consumers and luxury ...Middle East

China, once the envy of the world with its skyrocketing economic growth, now stands at a critical juncture. The nation’s economy is not in full-blown crisis, but China is grappling with a different issue: a crisis of consumer confidence. As part of a complex puzzle with far-reaching consequences for both Chinese consumers and the closely linked luxury industry. At the start of Q3 2023, China’s economic momentum waned, slipping into a deflationary phase that saw consumer prices decline for the first time in over two years in July. Customs data paints a concerning picture, with imports plummeting by 12.4 percent in July compared to the previous year. Additionally, exports saw a more signific

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